Bingley based powerhouse energy group, a technology company that sells plastic hydrogen production, has acquired 48% of the equity of Engsolve Limited, an engineering job consulting company. These shares were purchased for a cash consideration of £99,990.
Paul Emmitt, CTO of Powerhouse, is also CEO and founder of Engsolve. Powerhouse stated that it has been working closely with Engsolve and Emmitt for the past four years.
The purpose of this acquisition is to maintain Engsolve’s continued support for its projects and development. It will ensure that Engsolve’s expertise can still be used in Powerhouse in the future. Engsolve is a private company based in Bridgend, Wales.
As an engineering solutions company, it has extensive experience in engineering design and support, cost estimation and control jobs, project management and safety risk assessment jobs in various industries.
In the year ending March 31, 2021, the after-tax profit was approximately £137,000, and the turnover was approximately £840,000.
Tim Yeo, executive chairman of Powerhouse, said: “We are delighted to have acquired 48% of the share capital of Engsolve, a company Powerhouse has worked closely with for four years developing our technology which transforms plastics and waste; into clean energy.”
“This acquisition ensures Engsolve’s excellent expertise remains available to Powerhouse as our technology helps to improve the world’s environment for future generations.”
Emmitt added: “Engsolve welcomes this partial acquisition, and I am delighted Powerhouse will utilise the extensive expertise within Engsolve to aid in accelerating the world’s clean energy transition and into transforming plastics and waste into clean energy.”
Source: The Business Desk